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After the European Parliament’s approval on 10 November, the Council formally adopted, on 28 November, the regulation on foreign subsidies (‘FSR’) that, in certain cases, are distorting the internal market . The FSR is likely to enter into force in December 2022 and will apply as of mid-2023.

The FSR is the latest instrument by which the European Commission aims to ensure a level playing field in the internal market and to execute its broader EU 2020 industrial policy.